Akufo-Addo’s Excessive Borrowing Sinking – Mahama

Flagbearer of the opposition National Democratic Congress (NDC), John Dramani Mahama, has said the Akufo-Addo administration has been engaged in unprecedented borrowing in the last three and a half (3½) years, a situation he said has worsened Ghana’s public debt stock.

Mr Mahama said on Monday September 7 during the launch of the manifesto document of the National Democratic Congress (NDC) for this year’s elections, that Ghana increased its debts servicing and worsened its debt sustainability.

“The NPP Government has increased Ghana’s public debt from GH¢120.30 billion in 2016 to about GH¢258.4 billion as at end-June 2020.

“Under the NPP the public debt is projected to increase to GH¢290 billion by end-December 2020 (2020 Mid-Year Budget Review), with an addition of about GHC170 billion to the public debt stock in the last four years, with very little to show for it.

“The public debt stock as a share of GDP increased from 56.8 per cent in 2016 to 67 per cent as at end-June 2020 and projected at 75.8 per cent of the rebased GDP by end-December 2020.

“As a demonstration of the incompetence of the failed Akufo Addo Government and his economic management team, the public debt as a share of GDP deteriorated from 57 per cent to 67 per cent further within one and a half years between 2018 and June 2020.

“Debt service increased from GH¢16.13 billion in 2016 to a projected value of GH¢38.5 billion by end December 2020.

“Debt service as a share of domestic revenue increased from 51.9 per cent in 2016 to a projected value of 73.5 per cent by end December 2020, while debt service as a share of total expenditure increased from 32 per cent in 2016 to a projected value 39.4 per cent by end December 2020,” he said.

I’ll fight money laundering

He further assured the next National Democratic Congress (NDC) administration will aggressively fight money laundering in the country.

According to him, he will institute strict legislations that will ensure that the government succeeds in this agenda.

“This is unfortunate, and the Government of Ghana is always ready to engage with the EC about the true status of the country’s AML/CFT regime and efforts being made to strengthen same,” he indicated.

“The next NDC Government will: enhance measures towards combating money laundering, terrorist financing and the proliferation of weapons of mass destruction; promote the effective implementation of legal, regulatory and operational measures; for combating money laundering, terrorist financing and the proliferation of weapons of mass destruction (AML/CFT & P) and other related risks at the national level”

H added “we will introduce address the identified strategic deficiencies in Ghana’s AML/CFT & P system and, thereby, obviate the need for any sanctions or ‘blacklisting’ by FATF, the international standard-setting body, or the European Union; resource and capacitate the Financial Intelligence Centre (FIC) as well as other key agencies engaged in the fight against money laundering and terrorist financing; introduce standardized certification for AMLROs and Heads of Compliance in all financial institutions

“Fast-track AML/CFT & P cases, “with the setting up of more special courts for financial crimes ensure better synergy among the FIC, EOCO and the Judiciary to enhance investigation, asset tracing, and prosecution.”